Elastic price target raised to $128 from $91 at Citi

Citi analyst Tyler Radke raised the firm’s price target on Elastic to $128 from $91 and keeps a Buy rating on the shares. The company’s strong October quarter results demonstrate that Elastic is beginning to to see a re-invigoration of its core search business, the analyst tells investors in a research note. With a still conservative outlook and typical seasonality favoring continued strong cloud growth through the second half of fiscal 2024 a nd a pathway to growth re-acceleration, the shares are set to outperform, says the firm.